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Vincom profit falls 64% in 2011

Update: February, 25/2012 - 09:08

HCM CITY — Real estate developer Vincom (VIC) earned over VND2.3 trillion (US$110 million) in 2011, a decline of 40 per cent over the previous year, and the company posted a net profit of just VND821 billion ($39 million), a decline of 64 per cent from the VND2.3 trillion ($109.5 million) profit posted in 2010.

Buyers of apartments and villas in the Royal City, Times City and Vincom Village developments paid VND11.95 trillion ($569 million) in deposits for properties there, but the projects were not completed in time for earnings to be posted in 2011.

Vincom's debts as of December 31, 2011, totalled VND10 trillion ($476.2 million), a decline of 14.5 per cent year-on-year.-VNS

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